Employee Benefit Plans

3 Months Ended

Mar. 31, 2019

Defined Benefit Plan [Abstract]

Employee Benefit Plans

16. Employee Benefit Plans

Retirement Plans

The Company offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. In addition, the Company sponsors qualified defined benefit pension plans covering certain employees of the Company and its subsidiaries. The plans’ benefits are generally based on years of service and employee compensation. The Company also provides to certain management employees, through non-qualified plans, supplemental retirement benefits in excess of qualified plan limits imposed by federal tax law.

The tables below set forth the components of the Company’s net periodic (income) expense relating to retirement benefit plans. The service cost component is recognized within selling, general and administrative expenses and cost of goods and services, depending on the functional area of the underlying employees included in the plans, and the non-operating components of pension costs are included within other income, net in the Condensed Consolidated Statements of Earnings. The amounts recorded to discontinued operations represent the net periodic benefit expense for several non-U.S. qualified and U.S. non-qualified plans that were transferred to Apergy at the spin-off date of May 9, 2018.

Qualified Defined Benefits

	Three Months Ended March 31,
	U.S. Plan				Non-U.S. Plans
	2019		2018		2019		2018
Service cost	$	1,754	$	2,984	$	1,545	$	1,577
Interest cost	4,756		5,102		1,241		1,378
Expected return on plan assets	(8,534)		(10,211)		(1,517)		(2,091)
Amortization:
Prior service cost (credit)	76		87		(58)		(115)
Recognized actuarial loss	—		1,931		816		803
Transition obligation	—		—		—		1
Net periodic (income) expense	(1,948)		(107)		2,027		1,553
Less: Discontinued operations	—		677		—		174
Net periodic (income) expense - Continuing operations	$	(1,948)	$	(784)	$	2,027	$	1,379

Non-Qualified Supplemental Benefits

	Three Months Ended March 31,
	2019		2018
Service cost	$	486	$	695
Interest cost	668		893
Amortization:
Prior service cost	703		963
Recognized actuarial gain	(570)		(255)
Net periodic expense	$	1,287	$	2,296
Less: Discontinued operations	—		254
Net periodic expense - Continuing operations	$	1,287	$	2,042

Post-Retirement Benefit Plans

The Company also maintains post-retirement benefit plans, although these plans are closed to new entrants. The supplemental and post-retirement benefit plans are supported by the general assets of the Company. The following table sets forth the components of the Company’s net periodic expense relating to its post-retirement benefit plans:

	Three Months Ended March 31,
	2019		2018
Service cost	$	5	$	8
Interest cost	78		73
Amortization:
Prior service cost	3		3
Recognized actuarial gain	(18)		(8)
Net periodic expense	$	68	$	76

The total amount amortized out of accumulated other comprehensive earnings into net periodic pension and post-retirement expense totaled $952 and $3,410 for the three months ended March 31, 2019 and 2018, respectively.

Defined Contribution Retirement Plans

The Company also offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. The Company’s expense relating to defined contribution plans were $12,906 and $12,870 for the three months ended March 31, 2019 and 2018, respectively.